CHC Capital has arranged $19,000,000 for the refinance of the DoubleTree by Hilton in Palm Beach Gardens, FL for Shamin Hotels.
The loan was placed with a national lender and offered a 10-year term, 10-years of interest only and a fixed interest rate locked at 3.85%.
The 280-key Property was acquired by Shamin in 2016 and has recently undergone a full renovation. It benefits from its convenience to major demand generators in the market.
David Turley, Principal of CHC commented: “Shamin is one of the best in the industry at building, renovating and operating properties and we’re very pleased to have been trusted with another financing assignment for them.
“The strength of the Property and the Sponsorship allowed us to negotiate strongly with lenders and we came away with some of the best terms we’ve ever seen for a CMBS deal.”